> The agency said that it would focus on coins that should be categorized as securities.
So there are all these people on the periphery just HOPING for their prophecy of a heavy handed government breaking the cryptocurrency rush.
They read the headlines.
They create the headlines.
They purposefully don't read the SEC report or consider any information to the contrary of what they are expecting.
Despite S.E.C. WARNING? This is an article about everyone getting smarter and restructuring their offering where necessary, and continuing to move forward.
Even the WARNING in the SEC's DAO report two weeks ago acknowledged that not all token offerings were securities. But detractors and regulated entities with a legitimate reason to be skittish, used it as the WELP SHOW'S OVER GUYS argument which is completely unfounded.
> Nick Morgan, formerly a lawyer in the S.E.C.’s enforcement division, said that the security label was likely to apply to any coin that an investor buys with the expectation that it will increase in value as a result of the efforts of the entrepreneurs who created it.
The SEC still answers to the courts, and this consolidation of capital will allow these new organizations to take it to the courts efficiently. The Howey test from the 1940s did not consider this kind of asset to ever exist. It isn't an end all be all, it is a test.
The SEC is not mandated by Congress to undermine interstate commerce, it is created to provide confidence. So far, they've been playing it smart.